P-Rep Candidate
Team Information

VELIC HQ: Singapore

VELIC is a financial services platform powered by the ICON network. It offers a variety of financial services related to blockchain-based assets, including safe storage, trading, lending, and investment of crypto assets. Based in Singapore, VELIC has a growing user base notably in the Asia region. VELIC will apply the knowledge and experience from operating a commercial enterprise to expand and accelerate the ICON Network and its community.

Proposal

INTRODUCTION

VELIC harnesses the power of traditional finance to create a new sustainable monetary eco-system inspired by blockchain technology and the token economy. Cryptocurrencies have become more recognized and accepted as a financial asset class and we believe that building sophisticated financial products to meet the management profile and transparency requirements will lead to more adoption, especially from the traditional finance sector. We will be using ICON’s  ICON service API and SCORE function to scale our services to enterprise-level, and at the same time contribute to ICON’s ecosystem by 1) issuing multiple IRC2 tokens and leveraging SCORE-based smart contracts which will be used in our platform and 2) increasing the use case of ICX tokens and the network. ICONists and ICX holders can use their ICX tokens for VELIC's services which include cryptocurrency storage, crypto-to-crypto exchange, crypto collateralized loans, and asset management.

Our team consist of members from the financial and blockchain industry sharing a common goal; to provide reliable and convenient crypto financial services for everyone. Leveraging extensive experience in finance, our management has been working with developers and contributors to create a security focused crypto-finance platform on top of the ICON network, upon which a range of practical products and services are being built and delivered.

We are located in Singapore which is considered one of the largest blockchain industry cluster. We will be closely monitoring the trends and paradigm shifts in the market and prepare and respond to any regulatory movements that could impact the space.

 

MOTIVATION

VELIC embraces ICON’s vision of “connecting the crypto world to our real world” by advancing the performance, ease of use and service quality related to dealing with crypto assets, ICX tokens in particular. We believe that use of ICX tokens should not be limited by trading pairs, network transactions or community interactions and that by offering more services applicable to real world practices it will define the intrinsic value of ICX tokens.

 

VALUE PROPOSITION

The VELIC platform itself will be a decentralized application (DApp) of ICON, therefore an active participant of the network and a major contributor to the token economy. We will be issuing multiple IRC2 tokens for the platform, and conversions between these tokens will be deployed by SCORE, and broadcasted through the ICON network. We anticipate that this will significantly increase the transaction volume on the network, increasing the circulation of ICX tokens.

VELIC also focuses on empowering three key components of the ICON republic; the ICON ecosystem created and maintained by communities, DApps that provide different services to the public blockchain network, and most importantly ICX users, the supporters and contributors of ICON.

1)  The ICON Ecosystem

VELIC will bring value to the ICON Ecosystem by providing services that encourage the consumption of ICX tokens. We believe increasing number of services available with ICX will induce more users and contribute to the overall growth of the ecosystem.

Our initiatives for the ICON ecosystem include:

 a) to become the financial backbone of the various ecosystem participants: we will provide custody,   

     trading, lending and asset management services for ICX holders.

 b) promote activity on the ecosystem by generating sizable transactions: we are issuing multiple IRC2 tokens, which will be transferred in and out on a daily basis

 c) maintain a Node backed by institutional-level security

2) Services for DApps

We understand DApps play an integral role in the ICON Network, and VELIC will provide the following services to help DApp operators:

a) primary venue for IRC DApp’s IEO/IAO + listing: VELIC will be a reliable partner for ICON  

    DApps in terms of due diligence, fundraising and user acquisition.

b) funding source (cash flow management) even after IAO, in the form of loans using various  

    cryptocurrencies

c) corporate finance / asset management for DApps: allows DApp developers and operators to

    focus on developing their product and services while VELIC provides asset management services to ensure long-term viability

3) For the ICON community

VELIC will continue to promote the ICONSENSUS vision of mass adoption of blockchain by continuing to build applicable product and services using ICX tokens. Some of the services in the pipeline include:

a) promote development of useful DApps as outlined above

b) funding source: we will be offering financing service for various ICON ecosystem participants including ICX holders and DApps

c) provide essential asset management & key storage services

d) plans to offer staking service for PoS tokens under the storage system

 

EXPECTED TIMELINE

Incorporation (Singapore) - Completed August, 2018

IRC2 Token Issuance - Expected February, 2019

SCORE implementation - Expected February, 2019

VELIC Service Launch - Expected March, 2019

Effective immediately after P-Rep Election

Community Engagement - We will open social media channels to engage with the community, and topics requiring a consensus will be posted on our website for further discussion and votes.

Weekly Reports - Contents on the weekly reports will include: industry news, cryptocurrency market capitalizations, ICON network status, and ICON community news


 

Expected Network Information

Singapore, Singapore AWS Cloud

Instance type - C5.18xlarge CPU model - Intel® Xeon® Platinum 8124M CPU @ 3.00 GHz vCPU(core) - 72 RAM - 144G Disk - 1000G NVMe SSD (EBS bandwidth 9 Gbps) Network - 10 Gbps

Team Members

Timothy YANG Team Member

Mr. Yang has 8+ years legal expertise in finance and equity derivatives. Prior to joining the team, he worked at Cadwalader, Wickersham & Taft LLP and currently serves as an advisor for AIRBLOC. He holds J.D. at Harvard Law School and B.A. in Economics at Dartmouth College.

Sean KIM Team Member

Mr. Kim has 11+ years experience in financial service consulting at PwC and Ernst & Young with a focus on financial system, derivatives and investments. He holds M.S. in Financial Mathematics at University of Warwick.

James KANG Team Member

Mr. Kang has more than 13 years in finance as a trader/quant at Samsung Securities. He holds a B.S in Computer Science at POSTECH.

Charlie KIM Team Member

Mr. Kim has 18+ years experience in trading system development. He focuses on solution architecture in fintech/blockchain industry and holds B.S in Computer Science at HUFS.

Michael CHUNG Team Member

Mr. Chung has over 9 years experience in financial securities industry and was a proprietary trader for futures and options. He holds B.S. in Engineering at KAIST.

Gwangwon LEE Team Member

Mr. Lee has 18+ years of IT system development in financial service/high-tech industry. His expertise is in system integration and he specializes in EAI/ESB/CEP, middleware product architecture. He holds B.S. in Computer Science at Seoul National University of Science and Technology.

Yoon KIM Team Member

Before joining the team, Mr. KIM was a global account manager at HHIC and STX O&S. He has 6+ years experience in B2B Sales, and was involved in numerous projects in the manufacturing industry. He holds B.S in International Management at Pepperdine University.